Vernalis plc receives a $2 million milestone payment from one of its drug discovery collaborations

 21 April 2017

LSE: VER

Vernalis plc receives a $2 million milestone payment from one of its drug discovery collaborations

Vernalis plc announced today that it has received a $2m milestone under one of its existing research collaborations to discover novel small molecules against an undisclosed target utilising Vernalis' fragment and structure-based drug discovery platform.

Ian Garland, CEO of Vernalis, commented: "We are delighted to receive this payment which recognises the success of our Research group's work."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement this inside information is now considered to be in the public domain.

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 Enquiries:

Vernalis plc:

 

Ian Garland, Chief Executive Officer

David Mackney, Chief Financial Officer

 

+44 (0) 118 938 0015

Canaccord Genuity Limited (Nominated Adviser and Joint Broker)

+44 (0) 20 7523 8000

Henry Fitzgerald-O'Connor
Emma Gabriel 

 

Shore Capital (Joint Broker):

+44 (0) 20 7408 4090

Bidhi Bhoma
Toby Gibbs 

 

FTI Consulting:

+44 (0) 20 3727 1000

Ben Atwell
Simon Conway
Stephanie Cuthbert

 

Notes to Editors

About Vernalis
Vernalis is a revenue generating, commercial stage pharmaceutical company with significant expertise in drug development. The Group has three approved products: Tuzistra® XR targeting the US prescription cough-cold market; Moxatag®, a once-daily formulation of the antibiotic, amoxicillin, indicated for the treatment of tonsillitis and/or pharyngitis secondary to Streptococcus pyogenes in adults and pediatric patients 12 years and older; and frovatriptan for the acute treatment of migraine. It has an exclusive licensing agreement to develop and commercialise multiple novel products focused on the US prescription cough-cold market as well as eight programmes in its NCE development pipeline. Vernalis has also significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company's technologies, capabilities and products have been endorsed over the last five years by collaborations with leading pharmaceutical companies, including Asahi Kasei Pharma, Biogen Idec, Endo, GSK, Genentech, Lundbeck, Menarini, Novartis, Servier and Tris.

For further information about Vernalis, please visit www.vernalis.com 

Vernalis Forward-Looking Statement
This news release may contain forward-looking statements that reflect the Company's current expectations regarding future events including the clinical development and regulatory clearance of the Company's products, the Company's ability to find partners for the development and commercialisation of its NCE pipeline, the Company's ability to successfully commercialise its cough-cold products and Moxatag® through its own sales force, as well as the Company's future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, the uncertainties related to the regulatory process, the ability of the Company to identify and agree beneficial terms with suitable partners for the commercialisation and/or development of its products, as well as the achievement of expected synergies from such transactions, the acceptance of Tuzistra® XR, Moxatag®, frovatriptan and other products by consumers and medical professionals, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate suitable strategic and business combination transactions.

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